AppLovin (APP) Return on Invested Capital [ROIC] (2021 - 2026)
AppLovin's Return on Invested Capital [ROIC] was 74.11% in Q3 2026, up 8.47 percentage points from 65.65% a year earlier and up 2.82 percentage points from the prior quarter.
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Analysis
AppLovin (APP) Return on Invested Capital [ROIC] (2021 - 2026) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at AppLovin came in at 70.39%, up 28.40 percentage points from FY2024.
- Return on Invested Capital [ROIC] has now increased for three consecutive years, with a four-year change of +67.02 percentage points (FY2021 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was 41.99% in FY2024 (+27.13 pp), 14.86% in FY2023 (+15.71 pp), -0.86% in FY2022 (-4.22 pp) and 3.36% in FY2021.
- The Q3 2026 figure marks the highest quarterly Return on Invested Capital [ROIC] in data going back to Q1 2021.
- Compared with a year earlier, Return on Invested Capital [ROIC] has increased for 15 straight quarters, with an average year-over-year change of +22.84 percentage points over the last eight quarters.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q2 2025 (a gain of 34.24 percentage points); the worst was Q4 2022 (a drop of 3.38 percentage points).
- Per Business Quant data, APP's Return on Invested Capital [ROIC] in the three quarters before Q3 2026 was 71.29% (Q2 2026), 70.34% (Q1 2026) and 67.82% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,624.96 Bn | 3,359.86 Bn | 76.16 Bn | 16.69% |
| 2 | Meta Platforms | 1,640.16 Bn | 1,304.68 Bn | 51.23 Bn | 21.70% |
| 3 | Netflix | 255.21 Bn | 216.51 Bn | 6.80 Bn | 29.22% |
| 4 | Alibaba Group Holding | 219.23 Bn | 41.30 Bn | 15.16 Bn | 2.39% |
| 5 | Shopify | 189.29 Bn | 174.44 Bn | 1.78 Bn | - |
| 6 | Uber Technologies | 142.08 Bn | 113.28 Bn | 6.42 Bn | 12.36% |
| 7 | AppLovin | 135.54 Bn | 124.07 Bn | 1.94 Bn | 74.11% |
| 8 | Spotify Technology | 126.14 Bn | 83.06 Bn | 1.89 Bn | 28.41% |
| 9 | Booking Holdings | 119.69 Bn | 53.43 Bn | - | 75.14% |
| 10 | PDD Holdings | 112.41 Bn | -131.65 Bn | 9.48 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 74.11% |
| Jun 30, 2026 | 71.29% |
| Mar 31, 2026 | 70.34% |
| Dec 31, 2025 | 67.82% |
| Sep 30, 2025 | 65.65% |
| Jun 30, 2025 | 62.20% |
| Mar 31, 2025 | 52.18% |
| Dec 31, 2024 | 41.13% |
| Sep 30, 2024 | 34.57% |
| Jun 30, 2024 | 27.96% |
| Mar 31, 2024 | 21.93% |
| Dec 31, 2023 | 16.39% |
| Sep 30, 2023 | 6.17% |
| Jun 30, 2023 | 3.20% |
| Mar 31, 2023 | 2.76% |
| Dec 31, 2022 | -0.88% |
| Sep 30, 2022 | 0.48% |
| Jun 30, 2022 | 0.56% |
| Mar 31, 2022 | 0.14% |
| Dec 31, 2021 | 2.50% |
API Access
AppLovin Return on Invested Capital [ROIC] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=APP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "ticker": "APP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=APP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();